Fleetwood Capital Trust II Calls For Redemption Of 9.5% Convertible Trust II Preferred Securities
05 Maio 2004 - 9:08PM
PR Newswire (US)
Fleetwood Capital Trust II Calls For Redemption Of 9.5% Convertible
Trust II Preferred Securities RIVERSIDE, Calif., May 5
/PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. , the
nation's leader in recreational vehicle sales and a leading
producer and retailer of manufactured housing, today announced that
it has called for the redemption of its $37.95 million issue of
9.5% Convertible Trust II Preferred Securities. The redemption
price per security is approximately $23.39, plus accrued but unpaid
distributions. The Company will redeem $39,123,722 aggregate
principal amount of its 9.5% Convertible Trust II Subordinated
Debentures due 2013 held by its subsidiary, Fleetwood Capital Trust
II, and Fleetwood Capital Trust II will redeem $37,950,000
aggregate liquidation amount of its currently outstanding 9.5%
Convertible Trust II Preferred Securities and $1,173,722 of its
9.5% Convertible Common Securities. The Preferred Securities and
the Common Securities will be redeemed on June 4, 2004, at a
redemption price equal to 106.333% of the $22 liquidation amount of
each trust security (or approximately $23.39 per security), plus
accrued and unpaid distributions to, but excluding, the redemption
date. Each Preferred Security (liquidation amount $22 per security)
is convertible into common stock at the rate of 1.751592 shares of
common stock (equivalent to a conversion price of $12.56 per share
of common stock). Prior to 5:00 p.m., New York City time, on June
3, 2004, holders of Preferred Securities called for redemption may
convert their securities into shares of Fleetwood common stock by
delivering a conversion request, together with such securities
being converted, to The Bank of New York, as conversion agent, in
accordance with the terms of the securities. Notice of redemption
has been given to the registered holder of the Preferred
Securities. Holders of Preferred Securities that are converted
prior to the redemption date shall not be entitled to receive the
redemption price for those securities, nor to have any other
securities outstanding on the redemption date redeemed in lieu of
such converted securities. Holders of Preferred Securities who do
not convert their securities into Fleetwood common stock will have
such securities redeemed on June 4, 2004. Upon redemption, they
will receive 106.333% of the $22 liquidation amount per Preferred
Security plus accrued and unpaid distributions to, but excluding,
the redemption date. No further distributions will accrue
thereafter on Preferred Securities called for redemption. Payment
of the distribution due to be paid on May 15, 2004, will be paid on
schedule to all holders of record of the Preferred Securities as of
the April 30 record date. About Fleetwood Fleetwood Enterprises,
Inc., a Fortune 1000 company headquartered in Riverside, Calif., is
a leading manufacturer of a full range of recreational vehicles
from motor homes to travel and folding trailers, and is a
vertically integrated manufacturer, retailer and financier of
manufactured housing. The Company is dedicated to providing
quality, innovative products that offer a high value quotient to
its customers. Fleetwood operates facilities strategically located
throughout the nation, including recreational vehicle and
manufactured housing plants, retail home centers, and supply
subsidiary plants. For more information, visit the Company's
Website at http://www.fleetwood.com/. For further information
please contact Lyle Larkin, Vice President, Treasurer,
+1-909-351-3535, or Kathy A. Munson, Director-Investor Relations,
+1-909-351-3650. DATASOURCE: Fleetwood Enterprises, Inc. CONTACT:
Lyle Larkin, Vice President, Treasurer, +1-909-351-3535, or Kathy
A. Munson, Director-Investor Relations, +1-909-351-3650, both of
Fleetwood Enterprises, Inc. Web site: http://www.fleetwood.com/
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